6 Altcoins in Top 50 Beat Bitcoin’s Performance in 2021

Bitcoin dominance reached a three-year high this past weekend, with only six altcoins in the top 50 managing to outperform BTC this year. The best-performing altcoin in the top 50 is Dogecoin, which has seen year-to-date gains of over 77%, rising from $0.09 to $0.15. Other outperformers include Shiba Inu, Stacks, Binance’s BNB, Mantle, and Render. Bitcoin itself has grown from $44,100 to $65,000 this year, a gain of 54%. The rise in Bitcoin’s price has been attributed to consistent institutional inflows into the 10 US-traded spot Bitcoin exchange-traded funds (ETFs) approved in January, which generated over $12 billion in net inflows. Bitcoin dominance reached a new three-year high of 56.5% on April 13 due to a marketwide sell-off caused by escalating tensions in the Middle East. While Bitcoin recovered, smaller altcoins struggled and saw significant price drops.

Two altcoins that experienced losses among the top 50 by market cap are Aptos and Uniswap, with losses of 35% and 31% respectively in the past seven days. According to analyst Tony Sycamore, Bitcoin is on track for its fourth weekly decline and investor sentiment is influenced by the lack of further Fed rate hikes. Sycamore believes that Bitcoin will gradually climb to around $80,000 in the coming months as long as it holds above its key support zone of $60,000 to $58,000.

One thought on “6 Altcoins in Top 50 Beat Bitcoin’s Performance in 2021

  1. Altcoins losing value while Bitcoin recovers just shows that the market is biased towards the dominant player.

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